The Plateau State Executive Council has concluded arrangements to source for N3 billion bonds from the capital market in order to finance some vital projects in the state.
The approval to source for the bond was one of the decisions taken on Thursday during its maiden meeting for 2021, which was presided over by Governor Simon Lalong at the new Government House in Little Rayfield Jos.
Briefing newsmen after the meeting, Commissioner for Information and Communication, Dan Manjang, said Exco approved the bond as part of its drive to ensure that some of its ongoing projects are completed while other critical ones are initiated.
He said the shortfall in Internally Generated Revenue (IGR) as well as the federal account allocation accruing to the state due to COVID-19 outbreak has necessitated the sourcing of alternative funds to execute critical projects.
The Finance Commissioner, Regina Soemlat, said the fund is part of the N30bn earlier sourced for the Lalong Legacy projects, which after re-scoping stood at about N27bn.
She explained that all funds needed to complete the legacy projects are available and work is going on in all the sites.
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